Butterfly Network (NYSE:BFLY) General Counsel Sells $97,500.00 in Stock

Butterfly Network, Inc. (NYSE:BFLY) General Counsel Nicholas Caezza sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the transaction, the general counsel directly owned 300,307 shares of the company’s stock, valued at $2,927,993.25. This trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Butterfly Network Stock Down 0.0%

NYSE:BFLY opened at $8.86 on Friday. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -30.54 and a beta of 2.09. Butterfly Network, Inc. has a twelve month low of $1.34 and a twelve month high of $10.05. The stock’s 50 day moving average price is $7.52 and its two-hundred day moving average price is $5.32.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BFLY. Jupiter Topco LLC bought a new position in Butterfly Network in the second quarter worth approximately $931,000. Legal & General Group Plc increased its holdings in shares of Butterfly Network by 6.7% during the second quarter. Legal & General Group Plc now owns 144,302 shares of the company’s stock valued at $1,215,000 after acquiring an additional 9,107 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Butterfly Network by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock worth $466,000 after purchasing an additional 2,125 shares during the period. Tocqueville Asset Management L.P. raised its position in shares of Butterfly Network by 52.7% during the second quarter. Tocqueville Asset Management L.P. now owns 174,800 shares of the company’s stock worth $1,472,000 after purchasing an additional 60,300 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Butterfly Network in the 2nd quarter worth $4,878,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.56.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.